The North American market is clearly in a recovery phase — the much-discussed #MarketRebound. The S&P 500 has accumulated three consecutive weeks of gains, driven by the resumption of US-China negotiations, which have reduced tariff fears. The index is now just 2% away from its all-time high, with an increase of more than 21% since the drop in April. The renewed appetite for risk is also reflected in the recovery of small caps, which may outperform large caps in June, according to seasonal history. Large institutional investors are returning to the market, which could trigger a 'melt up' — a rapid rise due to fear of missing out. As volatility decreases and fundamentals strengthen, this rebound signals a more solid market transition.